Solow Model Problems. Suppose the economy of Creed can be described with the following production function: Yt = K L..; where K is the capital stock and L is the number of workers (population). The country has savings of 25%, population growth of 3% and depreciation rate of 5%. The capital stock (K) is currently 20 and the number of workers (L) is 5. (a)What is the steady state level of capital per person (k*)? (b)What is the steady state level of output per person (y*)? (c) What is the growth rate of output (not GDP per capita)? (d) Is the country in its steady state? If not, in 1 or 2 sentences, describe the transition path of income per capita